Anti-Money Laundering Legislation
A wide sector of businesses throughout the UK now have to abide by the complex Money Laundering Regulations 2007 or face penalties ranging from £1000 fines to 5 years imprisonment. We have a legal obligation to keep relevant anti-money laundering records about our clients seeking the following services:
Limited Assurance Engagements
Tax Advice and/or the preparation of Tax Returns
Most firms are required to process their Clients' data in accordance with the Data Protection Act 1998. One key area of the Money Laundering Regulations 2007, is our obligation to undertake 'Client Due Diligence' on both new and existing clients. HMRC and CCAB guidance recommends that we do this annually to ensure that we are up to date with changes to our existing clients' circumstances.
Changes to how HM Revenue & Customs carries out compliance checks from 1 April 2009
The way HM Revenue & Customs (HMRC) carries out compliance checks (also known as enquiries, visits and inspections) will change from 1 April 2009. These changes will affect how we manage compliance checks for:
- Income Tax
- Capital Gains Tax
- the Construction Industry Scheme
- Corporation Tax
The new compliance checks legislation is designed to make the tax system simpler and more consistent.
From 1 April 2009, HMRC will have one set of powers covering PAYE, VAT, Income Tax, Capital Gains Tax, Corporation Tax and Construction Industry Scheme to:
- visit businesses to inspect premises, assets and records
- ask taxpayers and third parties for more Information and documents
These powers are provided by Schedule 36 of the Finance Act 2008.
The new legislation will also provide:
- greater flexibility in setting record-keeping requirements after 1 April 2009
- new time limits for assessment and claims which will not be fully in force until April 2010 - but there will be some transitional arrangements from 1 April 2009
- important safeguards for customers
These measures are provided by Schedule 37 and Schedule 39 of the Finance Act 2008.
Every other day now is bringing news of business cash-flow problems and failures. These are indeed, (relatively speaking), difficult times for us all, the likes of, not seen for a generation in some cases. It is, as ever then, all the more important to make sure that those that you are transacting business with have the means to pay for your services. If you are having cash-flow problems please contact us- just don't sit there worrying.
HMRC have a special helpline for those having cash-flow issues specifically to paying off taxes and National Insurance. If you have this problem call them on:
0845 302 1435
The Inconvenient Truth ?
the UK we are told not to think of the 'Housing Ladder' anymore, just
the 'Housing Adder' as in snakes and ladders. So the old adage that
'your house is only worth what people are willing to pay for it' has
never been truer. Those looking to make a
fast buck with rising home equity will wait a long time for that to
happen again. The UK economy is so messed up a mortgage has become a
'tomb' for many that they can't escape, if they need to move for a job
etc they can't sell. The only way the banks will assist is if the Bank
of England lets them hike interest rates. So these low interest rates
that we currently have are making the banks hold on to their money. The
temptation then is to bring in 'negative interest rates' via B of E fixing
it. That way the banks will not get a return on their money by 0.5% at
the B of E etc. In other words we could force them to start lending out
the money we as taxpayers bailed them out with - to build houses, start
good business ideas, buy cars etc etc. Hey! What am I the Chancellor or
something? Power to the people!
By, Robert Mitchell, aka, The Loose Cannon, by his detractors and those with something to hide!.